NET 1 UEPS TECHNOLOGIES, INC.
CONSOLIDATED STATEMENT
OF CASHFLOWS
for the years ended June 30, 2021, 2020 and 2019
F-10
2021
2020
2019
(In thousands)
Cash flows from operating activities
Net loss
$
(
38,057
)
$
(
78,358
)
$
(
308,658
)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
4,347
13,299
37,349
Impairment loss (Note 23 and Note 9)
-
6,336
19,745
Movement in allowance for doubtful accounts receivable
110
743
32,786
Fair value adjustment related to financial liabilities
840
(
340
)
73
Loss (Profit) on disposal of property, plant and equipment
480
(
127
)
(
486
)
Stock-based compensation charge (Note 16)
344
1,728
393
Inventory net realizable value adjustment (Note 4)
-
1,298
-
Change in fair value of equity securities (Note 5 and 8)
(
49,304
)
-
167,459
Loss on disposal of Bank Frick (Note 23)
472
-
-
Loss on disposal of equity-accounted investment (Note 23)
13
-
-
(Gain) Loss on disposal of discontinued operation (Note 23)
-
(
12,454
)
9,175
Gain on disposal of FIHRST (Note 23)
-
(
9,743
)
-
Loss on deconsolidation of CPS (Note 23)
-
7,148
-
Loss (Gain) on disposal of DNI (Note 23)
-
1,010
(
177
)
Interest payable
(
1
)
1,758
237
Facility fee amortized
-
-
321
Interest on Cedar Cellular note (Note 8)
-
-
(
2,397
)
Impairment of Cedar Cellular note (Note 8)
-
-
12,793
Loss (Earnings) from equity-accounted investments (Note 8)
24,878
29,542
(
1,273
)
Movement in allowance for doubtful loans to equity-accounted investments
4,739
1,035
-
Dividends received from equity-accounted investments
194
3,549
1,318
Implementation costs to be refunded to SASSA (Note 12)
-
-
34,039
Decrease in accounts receivable, pre-funded social welfare grants receivable and finance
loans receivable
3,751
8,818
11,663
Decrease (Increase) in inventory
1,279
(
19,328
)
4,042
Decrease in accounts payable and other payables
(
335
)
(
139
)
(
14,538
)
(Decrease) Increase in taxes payable
(
17,210
)
(
1,427
)
3,428
Increase (Decrease) in deferred taxes
5,089
(
393
)
(
11,752
)
Net cash used in operating activities
(
58,371
)
(
46,045
)
(
4,460
)
Cash flows from investing activities
Capital expenditures
(
4,285
)
(
5,938
)
(
9,416
)
Proceeds from disposal of property, plant and equipment
571
578
1,045
Proceeds from disposal of Net1 Korea, net of cash disposed (Note 23)
20,114
192,619
-
Transaction costs paid related to disposal of Net1 Korea (Note 23)
-
(
7,458
)
-
Proceeds from disposal of equity-accounted investment - Bank Frick (Note 8)
18,568
-
-
Proceeds from disposal of DNI as equity-accounted investment (Note 8 and Note 19)
6,010
42,477
-
Transaction costs paid related to disposal of DNI as equity-accounted investment (Note 8)
-
(
1,010
)
-
Loans to equity-accounted investment (Note 8)
(
1,238
)
(
1,230
)
-
Repayment of loans by equity-accounted investments
134
4,268
1,029
Proceeds from disposal of subsidiaries, net of cash disposed (Note 23 and Note 19)
-
10,895
(
2,114
)
Deconsolidation of CPS - cash disposed (Note 23)
-
(
328
)
-
Investment in equity-accounted investments (Note 8)
-
(
2,500
)
(
2,989
)
Acquisition of intangible assets
-
-
(
1,384
)
Investment in MobiKwik
-
-
(
1,056
)
Return on investment
-
-
284
Net change in settlement assets
7,901
(
9,256
)
79,077
Net cash provided by investing activities
47,775
223,117
64,476
Cash flows from financing activities
Proceeds from bank overdraft (Note 11)
360,083
689,763
822,754
Repayment of bank overdraft (Note 11)
(
365,440
)
(
747,935
)
(
740,969
)
Proceeds from disgorgement of shareholders' short-swing profits (Note 22)
124
-
-
Proceeds from exercise of stock options
53
-
-
Long-term borrowings utilized (Note 11)
-
14,798
14,613
Repayment of long-term borrowings (Note 11)
-
(
14,503
)
(
37,357
)
Guarantee fee
-
(
148
)
(
394
)
Finance lease capital repayments
-
(
69
)
-
Acquisition of non-controlling interests
-
-
(
180
)
Dividends paid to non-controlling interest
-
-
(
4,104
)
Net change in settlement obligations
(
7,901
)
9,256
(
79,077
)
Net cash used in financing activities
(
13,081
)
(
48,838
)
(
24,714
)
Effect of exchange rate changes on cash
14,957
(
17,260
)
(
3,845
)
Net (decrease) increase in cash, cash equivalents and restricted cash
(
8,720
)
110,974
31,457
Cash, cash equivalents and restricted cash – beginning of period
232,485
121,511
90,054
Cash, cash equivalents and restricted cash – end of period (Note 19)
$
223,765
$
232,485
$
121,511
See accompanying notes to consolidated financial statements